Dr Jan-Christopher Scherer

Dr Jan-Christopher Scherer
Current Position

since 6/21

Research Affiliate

Halle Institute for Economic Research (IWH) – Member of the Leibniz Association

since 5/21

PhD Trainee

European Central Bank

Research Interests

  • dynamic macroeconomics, especially investment decisions
  • business cycle analysis and forecasting for the USA
  • applied time series econometrics
  • international macroeconomics

Jan-Christopher Scherer joined the Institute as a Research Affiliate in June 2021. His research focuses on dynamic macroeconomics, applied time series econometrics, and international macroeconomics.

Jan-Christopher Scherer holds the position of PhD Trainee at the European Central Bank. Prior to that, he was working at IWH.

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Dr Jan-Christopher Scherer
Dr Jan-Christopher Scherer
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Publications

Working Papers

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Sovereign Stress, Banking Stress, and the Monetary Transmission Mechanism in the Euro Area

Oliver Holtemöller Jan-Christopher Scherer

in: IWH Discussion Papers, No. 3, 2018

Abstract

In this paper, we investigate to what extent sovereign stress and banking stress have contributed to the increase in the level and in the heterogeneity of non-financial firms’ financing costs in the Euro area during the European debt crisis and how both have affected the monetary transmission mechanism. Employing a large firm-level data set containing two million observations, we are able to identify the effect of government bond yield spreads (sovereign stress) and the share of non-performing loans (banking stress) on firms‘ financing costs in a panel model by assuming that idiosyncratic shocks to individual firms are uncorrelated with country-specific variables. We find that the two sources of stress have increased firms’ financing costs controlling for country and firm-specific factors. Moreover, we estimate both to have significantly impaired the monetary transmission mechanism.

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